Who Should Read This?
- UK-based SMEs trading or paying suppliers in foreign currencies
- Individuals sending money abroad for property, education, or family support
- Business finance managers looking to reduce FX costs and risks
- Anyone unfamiliar with how foreign exchange markets work or how to optimise transfers
Why It’s Worth Reading
- Learn how to avoid the most frequent and costly FX errors
- Gain confidence in managing currency transfers for your business or personal needs
- Understand how Indigo FX can help you save money and reduce risk
What You’ll Learn
- Five of the most common mistakes people make when sending or receiving money internationally
- How to avoid these pitfalls with smarter planning and expert support
- Why working with a trusted FX partner like Indigo FX can make all the difference
Introduction
Whether you’re a UK business managing overseas invoices or an individual buying property abroad, getting your foreign exchange strategy right matters. Mistakes in timing, provider choice or strategy can cost you significantly — and most people don’t realise until it’s too late.
At Indigo FX, we’ve worked with thousands of clients over the years and seen the same issues arise time and again. So, to help you make informed decisions, here are five common foreign exchange mistakes to avoid — and how to stay one step ahead.
1. Leaving It to the Last Minute
The mistake: Waiting until the day of your payment to check the exchange rate and send your money.
Why it matters: FX markets are constantly moving. Even a 1–2% swing in the rate could add hundreds or thousands to the cost of your transaction.
What to do instead: Plan ahead. Use tools like forward contracts or market orders to lock in favourable rates in advance. Indigo FX can help you monitor the market and time your exchange strategically.
2. Using Your Bank by Default
The mistake: Assuming your high street bank will give you the best rate or lowest fee.
Why it matters: Banks often offer significantly worse exchange rates and charge hidden transfer fees — especially on international payments.
What to do instead: Compare your options. Indigo FX offers bank-beating exchange rates, fast settlement, and transparent, competitive pricing — no hidden fees.
3. Not Factoring in Volatility
The mistake: Ignoring how political, economic, or global events could affect the rate you’re relying on.
Why it matters: Unpredictable factors like elections, inflation reports, or trade tariffs can cause the currency you’re using to swing suddenly, potentially blowing your budget.
What to do instead: Work with Indigo FX to build a risk-managed strategy. We provide insights and tools like stop loss or limit orders to protect your exposure.
4. Sending Multiple Small Payments
The mistake: Making several small transfers over time without realising how fees and fluctuating rates add up.
Why it matters: Repeated charges and poor timing can quickly erode value. You could also be missing out on better rates for higher volumes.
What to do instead: Batch your payments where possible. Talk to Indigo FX about bulk transfers or forward-dated solutions that streamline your costs.
5. Going It Alone Without Guidance
The mistake: Trying to manage FX decisions solo without expert insight, tools, or strategy.
Why it matters: You could end up with poor rates, exposed to market risk, or unaware of better options for your needs.
What to do instead: Lean on the experience of your FX provider. Indigo FX assigns you a dedicated account manager to offer market updates, personalised advice, and 1:1 support whenever you need it.
Final Thought
Whether you’re managing regular international transfers or making a one-off payment abroad, avoiding these common mistakes can save you serious time, money, and stress.
At Indigo FX, our mission is to make foreign exchange smarter, faster and more cost-effective for our clients. With access to 60+ currencies, 150+ countries, and a range of hedging tools, we’ll help you build a strategy that’s right for your goals.
Got a transfer coming up? Speak to our team today and see how much more you could save.